Broad Street Angels dropped six-figures on IoT startup Fischer Block - Philly


May 31, 2017 2:04 pm

Broad Street Angels dropped six-figures on IoT startup Fischer Block

The West Chester company has been quietly raising some cash.

Fischer Block's technology has been used in the energy sector.

(Photo by Flickr user Karim D. Ghantous, used under a Creative Commons license)

We’re keeping an eye on West Chester, Pa.-based Fischer Block, an internet-of-things company with a focus on the energy industry.

The company, founded by electrical engineer Greg Wolfe, secured $300,000 in seed cash at PACT’s IMPACT 2016 conference and its “Shark Tank” of sorts, the Lion’s Den). And this week, the firm secured another round of investment in the six-figure range from the Broad Street Angels, the angel investor group chaired by RoseAnn Rosenthal and based out of the Union League.

This marks the angel group’s second investment, after a similar amount was granted to ZSX Medical in March. Rosenthal said this second deal is a sign of how the group plans to move quickly when it sees a good deal. “We are committed to prompt and diligent review of deals and have the ability to close quickly, where warranted,” the investor said.

According to Wolfe, an electrical engineer with experience in the energy sector, the investment will primarily be used for commercial-related activities like pilot programs, product rollouts and marketing.

So what’s the main selling point for the firm?

Wolfe said there aren’t many companies offering IoT-based technology to improve energy reliability across industries, a set-up that Fischer Block possesses internally and with “a small number of ecosystem partners.”

The firm has seven employees in a mix of full-timers and contracted engineers.

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